OTTAWA -- Ottawa's real estate market remained red hot during a cold and snowy February, setting a record for properties sold during the month.

"Resale properties are virtually flying off the shelves," Ottawa Real Estate Board president Debra Wright said in a news release.

The board reports 1,390 residential properties were sold in February, up from 1,134 in February 2020.

The sales volume for residential properties and condos in Ottawa was $885,592,105 in February, 54 per cent higher than the same month last year.

"Even though our inventory is significantly lower than 2020 – a combined 46 per cent decrease in housing stock for residential and condos – we witnessed a record number of sales in February 2021," said Wright.

"How is that possible? Simply put, properties that come onto the market are selling very quickly."

February's sales included 1,028 in the residential-property class, and 362 condominium-properties.

The Ottawa Real Estate Board says the average number of days on the market for a property declined from 30 days in February 2020 to 14 days last month.

The average sale price for a residential-class property was $717,914, an increase of 27 per cent from a year ago. Condominiums sold for an average of $407,671, an increase of 17 per cent from February 2020.

"There is no denying that scarcity is leading to a more rapid price acceleration," said Wright about the sales volume for residential and condo properties.

"This scarcity combined with buyer's willingness to pay and compete in this market will continue to drive up the sales prices."